- What is the scheme – Income declaration scheme
- How –
- Who is eligible –
- Who is not eligible
What is the scheme – Income declaration scheme
- A limited-period Compliance Window to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions
- The scheme provides immunity from wealth tax, scrutiny and prosecution and from the Benami Transaction Act
- The scheme will be kept open for four months from June 1.
- by paying tax at 30 per cent,
- Krishi Kalyan surcharge at 7.5 per cent and
- penalty at 7.5 per cent
- ie. a total of 45 per cent of the undisclosed income.
Who is eligible –
- for domestic taxpayers
- Undisclosed income of any financial year up to 2015-16 can be brought overground through this window.
Who is not eligible
- People who have received notices under Sections 142 (1), 143 (2), 148, 153A or 153C of the Income Tax Act are not eligible to disclose previously concealed income.
- Cases where a search or survey has been conducted and the time for issuance of notice under the relevant provisions of the Act has not expired
- Cases where information is received under an agreement with foreign countries regarding such income
- Cases covered under the Black Money Act, 2015
- Persons notified under Special Court Act, 1992,
- Cases covered under Indian Penal Code, the Narcotic Drugs and Psychotropic Substances Act, 1985, the Unlawful Activities (Prevention) Act, 1967, and the Prevention of Corruption Act, 1988.
- Experts believe this may prove a dampener for the scheme.This could be a dampener for the scheme as it would exclude potential disclosures from people who received notices seeking a regular explanation on the returns they had filed
- Usually, many cases, especially of high net worth individuals, are picked up mechanically for scrutiny and notices are issued. Some notices are issued on the basis of returns filed by the taxpayer, and are not necessarily linked to undisclosed income.
The State Assembly Secretariat reveals a stellar performance by just three MLAs, all from the Congress S. Rafeeq Ahmed of Tumakuru city, B.M. Nagaraja of Siraguppa, and Prasanna Kumar K.B. ...READ MORE
Karnataka State sets up 7th pay commission The State government on 1st June constituted the seventh pay commission and appointed the former IAS officer Srinivas Murthy as its chairman. Chief Minister Siddaramaiah ...READ MORE
The Karnataka government has entered into an agreement with French multinational software company Dassault Systems to impart both short and long-term courses in aerospace and defence sectors using 3D design ...READ MORE
The Centre on 17th November told the Supreme Court that Telangana’s share of Krishna waters must be provided from the allocation determined for Andhra Pradesh before its re-organisation. Attorney General Mukul ...READ MORE
The RPBD is an annual event organised by the Ministry of Overseas Indian Affairs (MOIA), as part of its outreach to the Indian Diaspora in various global regions. So far ...READ MORE
The Legislative Assembly and the Legislative Council secretariats are finding it difficult to maintain records of speeches and statements made by members on the floor of the Houses. With members of ...READ MORE
2,500 ornamental fish traded globally Globally, more than 2,500 species of ornamental fish are traded, but only 30-35 species of freshwater fish dominate the market. More than 90 % of freshwater fish ...READ MORE
Two reports released on Thursday, one at the global level and the other India-specific, say the country is on track to meet only two (under-five overweight and exclusive breastfeeding rates) ...READ MORE
The Karnataka government on 7th April flayed the Goa tourism department's decision to evict Lambanis, a Kannada-speaking nomadic tribe, from the beaches, terming it "anti-democratic" and an "attack on the ...READ MORE
MLA absenteeism the norm at successive Assembly sessions
Karnataka Current Affairs for KAS / KPSC Exams
Karnataka: B’luru to get Centre of Excellence in
Krishna Water: Karnataka Counters Telangana plea
Regional Pravasi Bharatiya Divas at Los Angeles
State to digitise all legislature proceedings
Karnataka Current Affairs – KAS / KPSC Exams
State of nutrition in the country
Karnataka flays Goa’s move to evict Lambani tribes
How is the Union Budget Prepared?